Navigation Links
Hampton Roads Ventures Tackles U.S. Healthcare Crisis Community by Community

Medical Office Building Project Provides State-of-the-Art Healthcare for Rural and Urban Communities

NORFOLK, Va., March 16 /PRNewswire-USNewswire/ -- Hampton Roads Ventures (HRV), a community development investment firm, employed the federal New Markets Tax Credit ("NMTC") program to provide equity and debt financing for two medical building projects in both urban and rural communities in Virginia providing successful solutions to one of the top issues affecting Americans: affordable and accessible healthcare.

With the recent deal closing of the Duffield Medical Center in Duffield, Va., HRV solidified its impact on the federally-designated medically underserved area in the Appalachia region. Using NMTCs to attract private sector investment capital, HRV provided $5 million of financing with "equity-like" features and non-traditional rates and terms to facilitate the development of the state-of-the-art 26,500 sq. foot project.

HRV's innovative financing techniques are allowing for the area to triple its available physicians from two to six, providing a full service outpatient diagnostic center and a fully-equipped rehabilitation facility -- a first for the Community Development Financial Institutions (CDFI) Low-Income Community. The development of this $6.9 million center will provide 37 permanent jobs and provide countless health improvements for those in the surrounding community.

In continuing with its 2009 initiative focusing on Jobs, Healthcare, and Education, HRV partnered with development firm Lauth, Bank of America and SunTrust to solidify the dream of longtime Norfolk resident, Dr. Keith Newby, Sr. to develop the Fort Norfolk Plaza Medical Office Building. The nine-story, 195,890 sq. foot building will be the first new medical office building constructed in Downtown Norfolk in 40 years.

HRV was poised to help fulfill Dr. Newby's dream with its investment of $11.6 million in below market-rate and "equity-like" loans for the project. The $67.8 million project will provide state-of-the-art facilities to health care professionals with a Medicare/Medicaid patient population of at least 50 percent to 60 percent. In addition, the Class-A building will include several medical practices, a parking garage, and retail space creating approximately 1,205 new jobs in an urban community near three low-income public housing communities.

"The innovative development of these medical office projects are just the beginning of what we hope to accomplish. Facilitating NMTCs to more than 10 projects, HRV continues to be a part of significant community transformations throughout the U.S., while keeping a constant focus on the most prominent issues Americans are facing," said Robert K. Jenkins, Jr., HRV President and CEO.

About HRV

Hampton Roads Ventures, LLC, is a community development investment firm specializing in attracting private-sector investment capital into innovative economic community development projects in underserved communities, particularly lower income urban and rural communities. HRV works closely with local business, government and civic leaders to identify investment opportunities that will be a catalyst for additional private sector investment and development.

    Contact Hampton Roads Ventures, LLC
    Dwan Jones - 757.619.1394 -
    Stephanie Best - 757.616.0478 -

SOURCE Hampton Roads Ventures
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. PSI Selected to Operate Virginias Child Support Program in Chesapeake and Hampton
2. Matthew Reeve to Host The Christopher and Dana Reeve Foundations Annual Hamptons Summer Soiree
3. Broadstreet Names Dorian Fabio Executive Vice President of Learning and Performance Improvement
4. VirtualHealth Technologies CEO Scott Hare Discusses New Security and Encryption Technologies for Healthcare Sector with in Exclusive Online Audio Interview
5. Researchers Map Americas Deadliest Roads
6. Broadspire Announces Key Leadership Appointments
7. XM Launches Second Annual XMKiDS Traveling Roadshow National Initiative Benefiting Childrens Miracle Network
8. PEMCO Insurance Organizes Roadside Chainsaw Woodcarving Competition to Replace a Beloved Federal Way Icon
9. Genetic Medicine Making Inroads Against Disease
10. Hillenbrand Releases Investor Roadshow Materials and Updated Financial Guidance Related to Separation Of Hill-Rom and Batesville Casket
11. Small Health Plans Making Inroads in Florida Marketplace
Post Your Comments:
(Date:6/25/2016)... ... June 25, 2016 , ... First Choice Emergency ... named Dr. Sesan Ogunleye, as the Medical Director of its new Mesquite-Samuell Farm facility. ... Director of our new Mesquite location,” said Dr. James M. Muzzarelli, Executive Medical Director ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, Van ... Wellness at Work award to iHire in recognition of their exemplary accomplishments in worksite ... 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in Linthicum ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Those who have ... these feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as ... Michigan, has released tools for healthy coping following a traumatic event. , Trauma sufferers ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary Hypertension Association ... it will receive two significant new grants to support its work to advance ... 25th anniversary by recognizing patients, medical professionals and scientists for their work in ...
(Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San Diego, CA is excited ... To Recovery® program to drive cancer patients to and from their cancer treatments. ... highest quality of life and ongoing independence. Getting to and from medical treatments ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)...  Arkis BioSciences, a leading innovator in the ... cerebrospinal fluid treatments, today announced it has secured ... led by Innova Memphis, followed by Angel Capital ... Arkis, new financing will accelerate the commercialization of ... of its in-licensed Endexo® technology. ...
(Date:6/23/2016)... Research and Markets has announced ... Type (Organic Chemical (Sugar, Petrochemical, Glycerin), Inorganic Chemical), Functionality ... - Global Forecast to 2021" report to their ... global pharmaceutical excipients market is projected to reach USD ... in the forecast period 2016 to 2021. ...
(Date:6/23/2016)... , June 23, 2016 ... CAPR ), a biotechnology company focused on the ... announced that patient enrollment in its ongoing randomized ... has exceeded 50% of its 24-patient target. Capricor ... the third quarter of 2016, and to report ...
Breaking Medicine Technology: